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Region: SEE electricity prices surge amid rising demand and high gas prices in Week 50 of 2024

In Week 50 of 2024, electricity prices in the Southeast European (SEE) region experienced significant increases due to a combination of rising electricity demand and high gas prices at the Dutch TTF hub, which surpassed €40/MWh. This surge raised concerns for households and businesses alike. Despite higher wind generation, the increase in electricity demand during the week led to price hikes across the region, with Croatia and Hungary seeing the highest percentage increases of 24.37% and 20.21%, respectively. Romania and Bulgaria followed with increases of 16.96% and 14.92%.

While Türkiye and Greece saw price reductions of -4.03% and -1.42%, respectively, the rest of the SEE markets saw prices climb, with Hungary registering the highest average at €189.06/MWh. The increase in prices was also noted in Central Europe, with Slovakia posting the highest at €193.14/MWh.

Electricity demand across SEE countries increased by 3.55% compared to Week 49 of 2024, due to lower temperatures and more unstable weather conditions, which resulted in colder early mornings. Croatia, Bulgaria and Italy saw the highest demand increases, with temperatures dropping below freezing.

Renewable energy generation also saw improvements during Week 50. Wind output increased by 3.4%, totaling 1,753.08 GWh, and solar output surged by 16.1%, reaching 543.88 GWh. Solar and wind generation increases were particularly prominent in Romania, Greece, and Türkiye, while hydropower generation saw a marginal increase of 0.86%, with notable boosts in Greece, Italy and Türkiye.

Thermal power generation remained stable, with coal-fired generation declining by 1.89%, while gas-fired generation rose by 1.26%. Cross-border electricity trade saw net imports rise by 43.96% across the SEE region, with Italy and Serbia posting significant increases in their imports.

The rise in electricity imports and price increases, combined with the increased demand and renewable energy output, underscores the challenges faced by the SEE electricity markets in balancing energy security and cost stability for consumers.

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